Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our valuation analysis suggests an implied price per share of 120,295 won for MNC Solution, which is 29% above the high end of the IPO price range. </li>
<li>Our base case valuation is based on EV/EBITDA of 24.1x which is 30% higher than the average EV/EBITDA multiple of the comps in 2023.</li>
<li>We believe a premium valuation to the comps' valuation multiple is appropriate due to higher sales growth, operating margins, and ROE.</li>
</ul>


Our valuation analysis suggests an implied price per share of 120,295 won for MNC Solution, which is 29% above the high end of the IPO price range. 
Our base case valuation is based on EV/EBITDA of 24.1x which is 30% higher than the average EV/EBITDA multiple of the comps in 2023.
We believe a premium valuation to the comps' valuation multiple is appropriate due to higher sales growth, operating margins, and ROE.


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 1st which has an aggregated holding worth USD507.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,513mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Apr, Korzinc, Samsung Electronics, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 1st which has an aggregated holding worth USD507.9bn.
We estimate that foreign flows to be outflows of USD1,513mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Apr, Korzinc, Samsung Electronics, Hyundai Motor.


KRX Foreign Holding Weekly (Nov 1st): Apr, Korzinc, Samsung Electronics, Hyundai Motor

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>While the short-selling ban for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> will remain in place until the first months of 2025, that does not prevent the index from pulling back.</li>
<li>Pullbacks, in this context, are an opportunity to buy, in the hope the index will rise higher from its current position.</li>
<li>Our models right now are showing a short-term WEEKLY OVERBOUGHT scenario coming in the next 2 weeks. Keep reading for more details.</li>
</ul>


While the short-selling ban for the KOSPI 200 INDEX will remain in place until the first months of 2025, that does not prevent the index from pulling back.
Pullbacks, in this context, are an opportunity to buy, in the hope the index will rise higher from its current position.
Our models right now are showing a short-term WEEKLY OVERBOUGHT scenario coming in the next 2 weeks. Keep reading for more details.


<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 23rd which has an aggregated holding worth USD593.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD995mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsungelec (005930 KS), Sk Hynix (000660 KS), Hyundaimtr (005380 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 23rd which has an aggregated holding worth USD593.0bn.
We estimate that foreign flows to be inflows of USD995mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsungelec (005930 KS), Sk Hynix (000660 KS), Hyundaimtr (005380 KS).


KRX Foreign Holding Weekly (Aug 23rd): Samsungelec, Sk Hynix, Hyundaimtr

<ul>
<li>Lumir is getting ready to complete its IPO on KOSDAQ in September. The IPO which is expected to raise between 49.5 billion won to 61.5 billion won.</li>
<li>Lumir specializes in the development of observation satellite technology including image data processing devices and onboard computers for a number of government satellite series.</li>
<li>Lumir had sales of 12.1 billion won (up 90.5% YoY) in 2023. Its sales surged by 477% YoY to reach 8.2 billion won in 1H24.</li>
</ul>


Lumir is getting ready to complete its IPO on KOSDAQ in September. The IPO which is expected to raise between 49.5 billion won to 61.5 billion won.
Lumir specializes in the development of observation satellite technology including image data processing devices and onboard computers for a number of government satellite series.
Lumir had sales of 12.1 billion won (up 90.5% YoY) in 2023. Its sales surged by 477% YoY to reach 8.2 billion won in 1H24.


South Korea

Korea Aerospace Industries Ltd. designs and produces aircraft parts including fixed wings for aircrafts and rotary wings for helicopters. The Company also engages in aircraft upgrade and modification business and satellite development business.

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Korea Aerospace Industries (047810 KS)

MNC Solution IPO Valuation Analysis

Our valuation analysis suggests an implied price per share of 120,295 won for MNC Solution, which is 29% above the high end of the IPO price range.

Douglas Kim

KRX Foreign Holding Weekly (Nov 1st): Apr, Korzinc, Samsung Electronics, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Apr, Korzinc, Samsung Electronics, Hyundai Motor.

Ke Yan, CFA, FRM

EQD | KOSPI 200 May Pullback Soon...

Pullbacks on the KOSPI 200 INDEX are currently a buy opportunity, given the short-selling ban still in place. We predict a short-term WEEKLY...

Nico Rosti

KRX Foreign Holding Weekly (Aug 23rd): Samsungelec, Sk Hynix, Hyundaimtr

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsungelec, Sk Hynix, Hyundaimtr.

Ke Yan, CFA, FRM

Lumir IPO Preview

Lumir is getting ready to complete its IPO on KOSDAQ. Lumir specializes in the development of observation satellite technology including image data...

Douglas Kim

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